Case for higher inflation targets takes a knock at Jackson Hole
Jordan: higher inflation ‘likely to be associated with considerable costs’
Swiss National Bank (SNB) head Thomas Jordan dismissed the case for a higher inflation target at the Jackson Hole symposium last week, while another paper presented at the event also cast doubt on the benefits of 4%.
Jordan, chair of the SNB governing board, argued that an increase in its existing target "would not be in line with the SNB's mandate of ensuring price stability". The SNB aims to keep inflation below 2% at present.
Meanwhile Borağan Aruoba and Frank Schorfheide, from the
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